On March 13, the Capital Markets Board of Türkiye released two documents concerning the licensing and operations of crypto asset service providers, including exchanges and wallet providers.
New Rules for CASPs
Crypto platforms in Turkey will now be under full oversight of the Capital Markets Board (CMB), ensuring compliance with national and international standards. The documents also set standards for establishing and providing crypto asset services, covering requirements like establishment capital, executive history, and shareholder rules.
Stricter Requirements for CASPs
Crypto asset service providers will be required to invest in compliance infrastructure and may face challenges in adapting to the new regulatory environment. They will also need to adhere to stringent reporting requirements, providing the CMB with timely and accurate information about their operations.
Regulation in Global Standards Context
Turkey's new crypto regulations align with global standards and follow regulatory approaches from Europe and the US. The regulations also introduce stricter trading requirements for Turkish investors, potential stablecoin restrictions, and address the decentralized finance (DeFi) market in Turkey.
This initiative by Turkey reflects a commitment to integrate the crypto market into international regulatory practice and enhance investor protection. Further information will be added as it becomes available.
